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TXI Reports Third Quarter Results

Stocks in this article: TXI

Total segment sales for the three-month period ended February 28, 2013 were $80.6 million compared to $65.5 million for the prior year period. Cement sales increased $15.1 million from the prior year period. Our Texas market area accounted for approximately 71% of cement sales in the current period compared to 69% of cement sales in the prior year period. Average cement prices increased 2% in our Texas market from the prior year period. Average cement prices decreased 3% due to a change in product mix in our California market from the prior year period. Shipments increased 27% in our Texas market area and 22% in our California market area.

Cost of products sold for the three-month period ended February 28, 2013 increased $5.1 million from the prior year period primarily due to higher shipments. Cement unit cost of sales decreased 15% from prior year period primarily due to higher shipments offset slightly by higher fuel and power costs.

Selling, general and administrative expense for the three-month period ended February 28, 2013 decreased $1.4 million from the prior year period primarily due to our work force reduction initiatives.

Other income for the three-month period ended February 28, 2013 increased $0.9 million from the prior year period primarily due to higher royalties.

Aggregates Operations

  Three months ended Nine months ended
In thousands except per unit February 28, 2013 February 29, 2012 February 28, 2013 February 29, 2012
Operating Results        
Stone, sand and gravel sales  $ 22,021  $ 16,829  $ 77,911  $ 60,022
Delivery fees 8,799 5,787 34,101 21,758
Total segment sales 30,820 22,616 112,012 81,780
Cost of products sold 28,106 23,825 100,294 76,203
Gross profit 2,714 (1,209) 11,718 5,577
Selling, general and administrative (900) (1,341) (2,763) (4,441)
Restructuring charges (374)
Other income 295 1,259 674 1,732
Operating Profit (Loss)  $ 2,109  $ (1,291)  $ 9,629  $ 2,494
Stone, sand and gravel        
Shipments (tons) 3,029 2,363 10,751 8,324
Prices ($/ton)  $ 7.27  $ 7.12  $ 7.25  $ 7.21
Cost of sales ($/ton)  $ 6.46  $ 7.47  $ 6.12  $ 6.62

Previously, the aggregates segment included our expanded shale and clay lightweight aggregates operations which has been classified as discontinued operations in the current period and all prior periods. Therefore, amounts for these operations are not included in the information presented.

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